ConnectOne Bancorp (NASDAQ:CNOB) Receives “Outperform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their outperform rating on shares of ConnectOne Bancorp (NASDAQ:CNOB) in a research report released on Friday morning, Benzinga reports. The firm currently has a $24.00 target price on the financial services provider’s stock, down from their prior target price of $27.00.

CNOB has been the topic of several other research reports. Piper Sandler boosted their price objective on ConnectOne Bancorp from $24.00 to $25.00 and gave the company an overweight rating in a report on Friday, January 26th. StockNews.com lowered shares of ConnectOne Bancorp from a hold rating to a sell rating in a research note on Wednesday, April 24th. Finally, Raymond James raised their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the company a strong-buy rating in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $24.50.

ConnectOne Bancorp Stock Down 0.2 %

ConnectOne Bancorp stock opened at $18.26 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a 50 day moving average price of $19.12 and a 200 day moving average price of $20.10. ConnectOne Bancorp has a fifty-two week low of $13.11 and a fifty-two week high of $24.44. The company has a market capitalization of $699.91 million, a PE ratio of 9.66 and a beta of 1.25.

ConnectOne Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.94%. The ex-dividend date is Tuesday, May 14th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s payout ratio is 35.98%.

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in ConnectOne Bancorp by 16.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock valued at $7,082,000 after buying an additional 55,682 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of ConnectOne Bancorp during the 3rd quarter worth about $1,086,000. Swiss National Bank lifted its stake in ConnectOne Bancorp by 1.2% during the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock worth $1,460,000 after purchasing an additional 1,000 shares during the last quarter. FMR LLC boosted its holdings in ConnectOne Bancorp by 27.0% in the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after purchasing an additional 743,209 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its stake in ConnectOne Bancorp by 118.2% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock valued at $5,641,000 after purchasing an additional 133,384 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.